Oil & gas companies are now starting to accept this norm of low oil prices which has resulted in companies being on the defensive through the end of 2015. However, companies have realized it’s time to look forward, stop playing defense and start playing offense, given this new norm.
Rigzone posted an article that discusses various HR professionals and recruiters views on how to do just that for the year ahead, and we at The Dahill Group have much insight as well. Organizations will have to look long-term in order to implement the necessary short-term strategies to retain the core top talent that the company has, so that it is prepared when the next up-turn comes again. Instead of playing defense and panicking, it’s a more opportune time than ever to invest in energy stocks, and to be selective, but still hire in top-tier talent while there are a greater amount to choose from, and their costs will likely be lower.
Furthermore, in the case that companies cannot afford this type of hiring, contract and contingency hires on a project basis can be a smart solution for companies to avoid severance costs and the like.
The key to surviving and being on top once the market turns again will be to move forward from the initial shock and panic, start playing offense and very selectively hire to prepare for what’s to come, even if it is later rather than sooner.